At first glance the man who gave us such latter day comedy classics as Anchorman and Talledega
Nights might be an odd choice for this polemic about the financial crash but
Adam McKay has some form in this area. Five years ago I was jolted out of my
inattention to his The Other Guys – a
pretty routine low comedy as far as I was concerned – by an end credits
sequence of savage wit about the state of the US economy after the financial
crash of 2008.
The essence of the sequence, which you can see
here, is that the rich get rich and the rest get shafted. Anyway this was
evidently more than a bee in his bonnet and McKay has gone on to make a film
which excoriates the 1% and provides a degree of sardonic comedy along the way.
It is now the Oscar front-runner and I think deservedly so simply for standing
up and saying what it does. That it also happens to be a dazzling dark comedy
is an added bonus.
It’s the accepted wisdom that no one saw the financial
crash coming but in fact lots of people did. It wasn’t like a plane crash that
genuinely happens without warning, there were lots of signs and quite a few
people saw them. In some respects this is like the disaster movie where some
Cassandra of a scientist tells everyone the earthquake is coming or the volcano
will erupt. Except, unlike the guy in the white coat who is generally the first
victim as he heroically attempts to warn others, these guys got obscenely rich.
This is a moral question on which this film comes
up, you’ll forgive the expression, short. They see it coming but rather than
warn everyone they sit back and make money, all the while marvelling at what
everyone else is getting away with.
They make their cash through a process known as ‘shorting’,
which is essentially betting against the market. You are betting on a crash
which you have seen coming and, despite a brief homily from Brad Pitt about the
impact of a crash on ordinary people, they make shedloads of money. It’s a
brutal economic instrument which can bring down companies and trash whole
economies.
This is the film’s biggest problem; it has no heroes.
There is no one you can really root for, we are in a world not of goodies and
baddies but baddies and worsies. Our protagonists are no angels, what honour
they have comes from at least acknowledging what they’re doing.
But The Big
Short isn’t about these guys; hedge fund manager Christian Bale, Wall
Street wolf Ryan Gosling, investment boss Steve Carrell, and small time
investors Jahn Magaro and Finn Wittrock. It is a film about a corrupt system
which relies on the fact that only a few people, in the words of F.Scott
Fitzgerald, have the whole equation and they are piling in.
It is a system so corrupt that it is almost
impenetrable to the outsider. At one point our unreliable narrator Ryan Gosling
breaks the fourth wall to assure us of something we had suspected, that the
previous ten minutes is incomprehensible.
The reassurance is the key to The Big Short’s success. The dazzling terminology of the financial
sector obscures what everyone does. McKay deals with this very cleverly if simplistically
– Margo Robbie in a bubble bath explaining credit default swaps? It’s more
entertaining than Robert Peston doing it. But in doing so McKay gets away from
what’s happening to concentrate on what’s going on.
The message of the film is simple. These people
got away with the crime of the century – any century – and not only were they
not held to account, we actually helped them to do it. The only appropriate
response to large sections of this film is open-mouthed astonishment at what
was going on in plain sight.
That’s why the only appropriate way to tell this
story is as a comedy, because sooner or later we realise that the joke was, and
continues to be, on us.